Following SpaceX's successful public debut, traders in the perpetual futures market on Hyperliquid reacted positively, driving the price of the contract from approximately $166 to over $180 before it retraced. This surge in trading activity, particularly around 5 p.m. ET, suggests that investors are optimistic about SpaceX's future performance.
The leveraged nature of these contracts means that the price movement could have been intensified by a short squeeze, where traders who had bet against the contract were compelled to cover their positions as prices rose. This dynamic highlights the speculative interest in SpaceX and could indicate broader market confidence in the company's prospects